The unified firms will re-brand as SitusAMC
Situs Group Holdings and American Mortgage Consultants (AMC) have entered a definitive agreement to merge, expanding the firms’ service set.
With the merger, Situs and AMC will have more than $175 billion of commercial assets under management and offer fair value assessment on over $290 billion of commercial real estate assets quarterly. The combined firm will add over 3,300 employees operating in 27 markets across the US, Europe, and India.
"I am particularly happy to announce this next chapter in Situs' evolution in the financial services industry," said Steve Powel, chief executive officer of Situs. "The idea of matching two companies that can provide both residential and commercial debt life cycle support had not been done in any scale, and AMC was a unique compliment to Situs, which allowed this vision to come together."
After the closing of the merger, the combined business will re-brand as SitusAMC, operating as a unified service and technology provider to organizations such as non-bank mortgage originators and servicers, private equity investors, pension funds, and more.
Powel will serve as the firm’s executive chairman. Meanwhile, Situs President Nick Rudenstine and AMC Chief Executive Officer Michael Franco will both lead the new SitusAMC as Co-CEOs.
"This transaction is the culmination of mutual interest and admiration between our two entities dating back to the fall of 2017," Franco said. "We believe that the SitusAMC entity will deliver unique and non-replicable solution sets to our clients and we are eager to start creating value for stakeholders in commercial and residential real estate markets."
"The scope and scale of SitusAMC services and technology offerings, combined with our unique vantage point on real estate markets, should put our firm in the best possible position to support the diverse and evolving needs of our clients," said Rudenstine.
